Why Americans should be psyched about Europe’s woes

If you’re anything like me, you’ve been watching the sovereign and bank bailouts in Europe and asking, “Okay, but what’s in it for me?”

Well, here is your answer: cheaper gas.

Over the weekend, Trilby Lundberg put out her latest report on how much Americans are paying at the pump. As the Associated Press reports:

The average price of regular gasoline in the United States has dropped 9.25 cents over a two-week period to $2.83.

The price of gas has been dropping because the price of oil has been dropping, reflecting concerns that European woes will slow global growth.

Now, the price of a gallon of gas is still much higher than it was a year ago, when the U.S. was deep in the throes of its own economic problems. According to the AAA, this time last year regular gas cost $2.42 a gallon on average. Now it’s at $2.79.

Nonetheless, because of what’s going on in Europe, we haven’t seen the normal gas price run-up in advance of the summer driving season. According to the AAA survey, gas is six cents cheaper now than it was a month ago. That’s very unusual for late May.